Schlumberger 3Q profit falls 25 pct

[October 21, 2011]  NEW YORK (AP) -- Schlumberger says its third-quarter profit fell 25 percent when compared with year-ago results fattened by a $1.27 billion investment gain.

The oil services company also lowered its outlook for oil demand growth in 2012 given the "current financial turmoil" in the global economy.

Schlumberger Ltd. reported on Friday that its net income fell to $1.3 billion, or 96 cents per share, for the July-September quarter. That compares with $1.73 billion, or $1.38 per share, a year ago.

Excluding special charges and credits, Schlumberger said income from continuing operations was 98 cents per share.

The adjusted earnings fell short of Wall Street estimates. Analysts, who typically exclude special items, had expected adjusted earnings of $1.01 per share.

Revenue rose 49.4 percent to $10.2 billion. That matched Wall Street expectations.

[Associated Press; By CHRIS KAHN]

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